Constellation Brands announced a minority investment in Press Premium Alcohol Seltzer. The investment is a result of the company’s Female Founders program, created to support women-owned beverage companies. The financial terms of the deal were not disclosed.
Press was founded in 2015 by Amy Walbert and Jim Sorenson. It currently has distribution in 41 states as the company looks to add seven more within the month of February. It sold about 475,000 cases of hard seltzer in 2019 and is targeting 1 million cases in 2020.
In December 2018, Constellation Brands debuted The Focus on Female Founders program, which has also invested in Austin Cocktails, Vivify, Montanya Distillers, and Durham Distillery.
Source: Brewbound, February 2020